Sunday, July 12, 2020
Seattle's New Tax on Salaries That Are Over $150,000
The socialists are loose in Seattle.
Who needs an autonomous zone when you have the Seattle city council?
Beginning next year, some 800 businesses with a payroll over $7 million will pay a tax of between 0.7% and 2.4% on all salaries over $150,000. Government jobs are of course exempt, The Wall Street Journal reports.
Councilwoman Teresa Mosqueda says the tax will create a “more robust and resilient economy,” but how taxing job creation accomplishes that is a mystery, notes The Journal.
Bottom line: Seattle is part of the vanguard with it comes to shallow economic thinking. There is no understanding of how wages are determined in an economy and how taxing the salaries of top performers only drives the top performers and the corporations that pay them away from such hate of the most productive.
at 12:01:00 AM